Right, it does seem that we have found ways, being bounded and irrational agents, to get closer to rationality by using our boundedness to protect ourselves from our irrationality (and vice versa!).
This seems to be a case of using boundedness in the form of not being precise, maintaining uncertainty that is not resolved until the last moment, and also probably exhaustion (if you try to lead me through a pump after a few steps I’ll give up before you can take too much advantage of me) to avoid bad results of maximizing on irrational preferences.
The opposite would be using irrationality to deal with boundedness, such as keeping things vague so we can sometimes still do the right thing even when we’ve made a mistake in our reasoning about our preferences.
You can also protect yourself against money pumping by having vague preferences and unstable preferences. Money pumping doesn’t seem to happen IRL.
Right, it does seem that we have found ways, being bounded and irrational agents, to get closer to rationality by using our boundedness to protect ourselves from our irrationality (and vice versa!).
This seems to be a case of using boundedness in the form of not being precise, maintaining uncertainty that is not resolved until the last moment, and also probably exhaustion (if you try to lead me through a pump after a few steps I’ll give up before you can take too much advantage of me) to avoid bad results of maximizing on irrational preferences.
The opposite would be using irrationality to deal with boundedness, such as keeping things vague so we can sometimes still do the right thing even when we’ve made a mistake in our reasoning about our preferences.